Ambac Hits Credit Suisse Over $44M In MBS Payouts

Law360, New York (January 13, 2010, 1:15 PM EST) -- Ambac Assurance Corp. is alleging two units of Credit Suisse AG made false representations about the quality of mortgages in a 2007 mortgage-backed securities offering that has resulted in the insurer paying out more than $44 million in claims.

In a lawsuit filed Tuesday in the Supreme Court of the State of New York, the unit of troubled bond insurer Ambac Financial Group Inc. says that Credit Suisse Securities (USA) LLC and DLJ Mortgage Capital Inc. made “pervasive and material misrepresentations” about both the quality of...
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